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Executive Summary

Completes $25.7 mil. private placement of over 1 mil. shares of Series A Cumulative Preferred Stock at $25 per share. Proceeds from the placement will be used to fund R&D programs for PEG-L-asparaginase, PEG-hemoglobin (now in preclinicals) and the joint effort with Sterling for PEG-SOD. Enzon's first product, the orphan drug Adagen for "bubble boy" disease, was approved on March 23 ("The Pink Sheet" March 26, T&G-1).



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